Business

TAJBank launches ‘TAJWAY’ Digital Banking App

Published

1 year ago

June 21, 2023

…Assures value-laden benefits of product to customers

Joel Ajayi

TAJBank, Nigeria’s leading non-interest bank, on Tuesday launched a new digital banking app – TAJWAY – in furtherance of its sustained drive to surpass customer expectations in real time and cost-free banking services nationwide.

L-R: Managing Director TAJBank Mr. Hamid Joda, TAJBank Influencer Hauwa Jalilah,, TAJBank Ambassador, Hajia Saratu Gidado, and TAJBank Executive Director Mr. Sherif Idi during the Launching of the Bank’s ‘TAJWAY’ Digital Banking App on Tuesday in Abuja

The digital banking app, which is rated as one of the most secure and user-friendly platforms for transactions, has been upgraded with additional pioneering capabilities to enhance customer experience in terms of easier, faster, and more convenient services to streamline and make financial transactions very exciting for its rapidly growing customers globally.

TAJWAY app is packaged with special features and benefits to customers, including increased transaction limits, card management, budget planning, saving on spending, multiple transfers and real time receipt generation for all transactions.

These new benefits complement the app’s other value-laden benefits of seamless funds transfer, account opening, account balance enquiry, airtime and data purchase, bills payment and account funding.

Commenting on the launch of the new digital app, the bank’s Managing Director, Mr. Hamid Joda, said: ‘’This is an important milestone in our journey to becoming a digital bank. This will see us build the capabilities needed to develop and deploy an array of digitized products that are simple and easy to use.

“By leveraging emerging technologies and data analytics, we will increase engagement with our existing and prospective customers to exponentially scale up customer acquisition and transactions at a lower cost to serve”, the banker added.

In his remarks on the innovative product launch, the Executive Director, Mr. Sherif Idi, enthused: “TAJWAY is a new self-service, stress-free and secured app built to offer exceptional user experience with a vast bouquet of functionalities for all classes of customers. It is currently available for download on Google Play store and iOS App Store.”

Industry analysts believe that TAJBank’s launch of the new digital banking app is a desirable step towards further consolidating its position as a frontline bank in the non-interest subsector of Nigeria’s financial market.

According to the experts, based on its functional values, TAJWAY will create more opportunities and value for existing and potential customers by deepening support for the growth of their personal and business aspirations, while fast-tracking current efforts of the monetary authorities to deepen financial inclusion in the country.

The non-interest lender’s management advised customers that to download the app, all that is required is to visit the respective stores (Google play store or Apple app store), and search for the App, using the keyword “TAJWAY” and that this should be followed by a tap on the TAJWAY app icon, click install/get to download, then open/launch the app when download is complete, adding that customers are required to register with the Bank to fully commence the use of the app.

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Business

FAAC: FG, States, LGCc Share N 1,289 Trillion From a Gross Total Of N2.258 Trillion For Month of September

Published

1 day ago

October 17, 2024

The Gleamer

Joel Ajayi
The Federation Account Allocation Committee (FAAC), at its October 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.298 Trillion to the three tiers of government as Federation Allocation for the month of September, 2024 from a gross total of N2.298 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED and Augmentation of N150.000 billion, the Federal Government received N424.867 Billion, the States received N453.724 Billion, the Local Government Councils got N329.864Billion, while the Oil Producing States received N90.415 Billion as Derivation, (13% of Mineral Revenue).

The sum of N80.993 Billion was given for the cost of collection, while N878.946 Billion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of September 2024, was N583.675 Billion as against N573.341 Billion distributed in the preceding month, resulting in a increase.

From that amount, the sum of N23.347 Billion was allocated for the cost of collection and the sum of N16.810 Billion given for Transfers, Intervention and Refunds.

The remaining sum of N543.518 Billion was distributed to the three tiers of government, of which the Federal Government got N81.258 Billion, the States received N271.759 Billion and Local Government Councils got N190.231 Billion.

Accordingly, the Gross Statutory Revenue of N1.043 Trillion received for the month was lower than the sum of N1.221 Trillion received in the previous month by N177.426 Billion. From the stated amount, the sum of N56.878 Billion was allocated for the cost of collection and a total sum of N862.136 Billion for Transfers, Intervention and Refunds.

The remaining balance of N124.718 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N43.037 Billion, States received N21.829 Billion, the sum of N16.829 Billion was allocated to LGCs and N43.021 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N19.213 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.767 Billion, States got N9.222 Billion, Local Government Councils received N6.456 Billion, while N0.768 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N462.191 Billion from Exchange Difference, which was shared as follows: Federal Government received N218.515 Billion, States got N110.834 Billion, the sum of N85.448 Billion was allocated to Local Government Councils, N47.394 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed of the Augmentation of N150.000 Billion which was shared as follows:Federal Government received N70.020 Billion, the States got N40.080 Billion and the LGCs received N30.900 Billion.

Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL) and CET levies increased considerably. While Value Added Tax (VAT) and Import Duty increased marginally. Petroleum Profit Tax (PPT) and Company Income Tax (CIT) and others recorded significant decreases.

According to the Communique, the total revenue distributable for the current month of September 2024, was drawn from Statutory Revenue of N124.716 Billion, Value Added Tax (VAT) of N534.518 Billion, N18.445 Billion from Electronic Money Transfer Levy (EMTL), N462.191 Billion from Exchange Difference and Augmentation of N150.000 Billion, bringing the total distributable amount for the month to N1.298 Trillion.

The balance in the Excess Crude Account (ECA) as at October 2024 stands at $473.754.

In his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, restated the President Bola Ahmed Tinubu-led Administration’s commitment to implementing policies, programmes and initiatives that will enhance revenue generation with a view to enhancing the overall well-being of Nigerians in line with contemporary realities.

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